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Mortgage Rates Fall

Mortgage rates, or interest rates on home loans, slipped back to three-year lows, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.45 percent for the week ending February 27, 2019, down from 3.49 last week. A year ago at this time, the average rate was 4.35 percent.

The 15-year FRM this week averaged 2.95 percent, down from 2.99 percent last week. A year ago at this time, the 15-year FRM averaged 3.77 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.20 percent, down from 3.25 percent last week. It was 3.84 percent a year ago.

"Given the recent volatility of the ten-year Treasury yield, it's not surprising that mortgage rates again have dropped," said Sam Khater, Freddie Mac's Chief Economist. "These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring."

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